The 2018 AFR National Energy Summit kicked off in rainy Sydney yesterday, with transition and energy policy in the spotlight.
The summit was attended by the Energy Minister Angus Taylor and his Opposition counterpart, Mark Butler, along with over 300 industry stakeholders, regulators, investors and consumers. AGL was represented in the crowd and on stage by our Interim CEO Brett Redman.
From a topic perspective, Brett covered three key points, covering off transparent energy discounts, the need for policy certainty, and looking after large energy users.
Customers need transparency around energy discounts
Firstly, a universal reference rate for energy offers would mean customers could easily tell if 25% off from one retailer was a better deal than 40% off from another. That’s not the same as re-regulation which would dry up investment in new supply, it’s simply a transparent comparator.
Policy certainty means smoother transition and lower cost
Secondly, policy certainty would help drive investment in more firming capacity in the system for when the sun isn’t shining and the wind isn’t blowing. That leads to an orderly, and therefore lower cost transition.
And for us, it also means going where the customer wants us to go. Towards a low cost, low carbon and reliable future.
Looking after the nation’s big energy users
Finally, energy companies have to find practical solutions to ensure investment in supply for large energy users. This includes looking at ways to make it attractive for large users to include at least some long-term contracts in their mix of buying, as a way to underpin new investment and help secure their energy future.
View Brett's presentation here.